The Guernsey Financial Services Commission ("GFSC") was pleased to note the recent political agreement reached between the European Council and the European Parliament on an EU-wide classification system, or "Taxonomy", which will provide businesses and investors with a common language to identify what economic activities can be considered environmentally sustainable.
The detailed criteria underlying the Taxonomy will be developed and finalised by the European Commission this year and it is the GFSC’s intention to endorse the Taxonomy as an additional permitted standard for adoption by a Guernsey Green Fund.
The Guernsey Green Fund Rules were launched in July 2018 with the objective of seeking a return for investors whilst mitigating environmental damage.
Gillian Browning, Director of the Investment, Fiduciary and Pension Division, commented "The Guernsey Green Fund Rules provide a transparent product through which investments into green initiatives can be made. This helps in assuring investors that their investments have a positive environmental impact on the planet."